Tesler Review: Never Deal with The-Tesler-App.Com
Tesler is an online crypto investment scam. The website itself is very limited, with only a few pages, and no clue as to whom or where the company belongs to.
When we tried to access the site, a warning from the web browser itself prevented us from doing so. We quickly found out that the reason for this was multiple scam warnings issued by regulators in Europe.
UK FCA scam warning:
During the writing of this Tesler Review, we found out that the company has changed its domain name, but is still operating.
Tesler promises riches through advanced technology but gives very little in return. One thing that stands out from the rest is a countdown timer that urges potential clients to invest as soon as possible.
It’s a marketing tool used by many scam sites, not just forex or crypto, but bootleg retailers as well. This plays on the perceived feeling of urgency with people, and this is why we advise our readers never to trade on emotion.
|Regulation||Unregulated scam broker|
Tesler Regulation and Fund Security
Online forex trade is a lucrative market that presents great opportunities. Over the years, many countries have implemented important safety laws that regulate this market. Tesler is unregulated, which means they are very dangerous and even illegal in many aspects.
Tesler is an anonymous company, and this means they have no real registered address. This makes it difficult to pinpoint which financial jurisdiction has legal precedent over the company’s behavior. Nevertheless, Tesler has attracted enough attention from the authorities in at least two European countries.
The nations in question are the UK and Spain. These two countries have very similar financial safety frameworks. Let’s take a look at what the UK’s FCA requires from companies prior to issuing a license:
- Initial capital fund of 730,000£
- A security scheme of 85,000£
- The leverage maximum is 1:30
- Negative balance protection must be ensured for clients
- Client funds must be in separate bank accounts
- Bonuses are forbidden
- Financial transaction reports are required
Spain is a member nation of the EU. In the jurisdiction of Spanish CMNV, additional rules are in effect, thanks to the MiFID agreement. We can now understand why these regulation entities would issue warnings about Tesler, seeing how Tesler brakes many of these rules.
Tesler Trading Platform Overview
We are unable to really tell what kind of service Tesler is actually offering. Some parts of the website claim it to be a broker, others that it is in fact a piece of software.
All of this information is carefully hidden, and made to further confuse potential victims. Clearly, the scam site itself is an advertisement for a product that doesn’t exist but costs a lot of money.
Current industry-leading software is developed by a company named Metaquotes and is Metatrader4 and Metatrader5. They both feature interactive charts with multiple timeframes. MT4 has been in use for a long time and has been updated constantly since 2005. MT5 is a solution for newer devices and allows for superfast market execution and even trading automation.
Account Types Available
Unfortunately, account creation on Tesler has the same problems as trading platforms. There is no other information about the accounts, besides that, they exist. We tried creating an account, but it requires approval from a “professional broker” that is allegedly employed with Tesler.
Retail market conditions are a very important aspect of any business that is conducted through a broker. For this reason, account types are very specific and transparent about these conditions. Depending on the business strategy that the broker employs, you can expect various billing methods across these accounts. Some might charge through the spread, and others through commission.
Tesler Deposit and Withdrawal
This piece of information is missing as well. You see, the only way to see how you can make a deposit is through the trading application. You can’t access the trading application if you don’t have an account, and you can’t create an account until a Tesler agent contacts you first!
There is no billing information on the Tesler webpage either, and withdrawals are also said to be free of any fees and additional charges.
We don’t believe this claim for one second. It has become a trend for these scam sites to accept only cryptocurrency transfers because these make it easy to hide the profits from authorities. Many more have hidden fees and charges that are extremely costly and undermine any potential profits.
How the Scheme Was Put Into Practice
Tesler plays on the newcomers’ lack of expertise to persuade them into making a quick decision. People who are not used to strict and well-defined rules of the financial world are easily attracted by claims of free revenue and no-cost policies.
Tesler’s website was designed in such a way that you can’t really tell what the frauds are selling, and at what cost. We were hard-pressed to find any information on whether a trade is even possible with Tesler.
Interacting with Tesler on almost any level requires the personal involvement of one of the people behind the scam. It is very likely that there is no trading platform to speak of, and that there are hidden fees on withdrawals. Scammers can deny any withdrawal attempts outright, or withhold large amounts of money when they do approve a withdrawal.
Tesler is an online crypto scam that has been scheming for quite some time now. Two different regulators, FCA and CMNV have issued scam warnings about this site. Frauds behind the site have purposely hidden any important information from their potential marks.
They abuse the sense of scarcity and urgency to coax their victims into making a rash decision. Stay well clear of these swindlers!
FAQs About Tesler Broker
Is It Safe to Use Tesler for Trading?
It is unclear whether Tesler can be used to trade at all. It’s a scam where much of the information is hidden.
Do Tesler Offer a Demo Account?
We could not find any clue when it comes to demo accounts. Knowing how scam brokers operate, there likely isn’t one.
What Is The Funding Method of Tesler?
Tesler did not disclose which funding methods are available to their clients.